First-half profit progress is ahead of plan; sustainability of the high-profitability pace is the focus in FY2026-Q3

FY2025 full-year revenue was ¥2,280.9 million and operating profit was just ¥9.2 million, whereas FY2026-H1 revenue was ¥1,187.4 million, operating profit was ¥86.0 million, ordinary profit was ¥94.6 million, and interim net profit attributable to owners of the parent was ¥69.0 million. Revenue rose 12.7% year on year, while operating profit turned positive from an operating loss of ¥95.7 million in the year-earlier period. The improvement from the prior-year loss is substantial, making the central question this time whether the company has moved beyond simple revenue growth into a phase of profit generation.

The full-year forecasts are revenue of ¥2,400 million, operating profit of ¥100 million, ordinary profit of ¥100 million, and net profit attributable to owners of the parent of ¥70 million. H1 progress was 49.5% for revenue, compared with 86.0% for operating profit, 94.6% for ordinary profit, and 98.6% for net profit, indicating that profit is progressing substantially ahead of revenue. Standalone second-quarter revenue was ¥595 million, operating profit was ¥51 million, and the operating margin was 8.7%. It will be necessary to determine whether additional profit builds in Q3 or whether recruitment costs, outsourcing costs, and investment burdens rise again in the second half.

The company attributes the improvement to deeper orders in its existing payments and financial services areas, the pipeline in expansion areas, new customer acquisition, and cost control. However, as of H1 it had not disclosed revenue by segment, profit by service area, order intake or order backlog, or the increase in profit by factor. Next time, in addition to cumulative Q3 revenue and operating profit, we want to confirm the remaining profit required to reach the ¥100 million full-year forecast, standalone Q3 profitability, and whether the full-year forecast is revised again, in order to assess whether H1's high progress reflects a sustainable improvement in utilization.